We do not view the company itself as the ultimate owner of our business assets but instead view the company as a conduit through which our shareholders own assets.

I wouldn't want to manufacture cigarettes. But if I owned - we do own Costco. Do they sell them? Yes. So I don't have a problem owning stock in that. But I just wouldn't want to - I wouldn't want to do it myself. I basically think, if anything is sufficiently antisocial, society should do something about it. But that's a separate question. But - and I don't think there's any company that I have seen that's 100 percent pure.

The problem with commodities is that you are betting on what someone else would pay for them in six months. The commodity itself isn't going to do anything for you....it is an entirely different game to buy a lump of something and hope that somebody else pays you more for that lump two years from now than it is to buy something that you expect to produce income for you over time.

A Company should be viewed as an unfolding movie, not as a still photograph

Never do anything in life if you would be ashamed of seeing it printed on the front page of your hometown newspaper for your friends and family to see.

We believe that according the name 'investors' to institutions that trade actively is like calling someone who repeatedly engages in one-night stands a 'romantic.'

The stock market is a wonderfully efficient mechanism for transferring wealth from the impatient to the patient.